After dipping to $40,000 yesterday, bitcoin went on the offensive and tapped $42,000 to mark a near 10-day high. The altcoins have also turned green today, with Ethereum eyeing $3,000 and Avalanche soaring by over 9%.
The primary cryptocurrency experienced enhanced volatility last week when it suddenly pumped by $3,000 in minutes from $39,000 to nearly $42,000. However, the situation reversed shortly after, and the asset retraced just as quickly to its starting level.
It reclaimed $40,000 a day later, but then the US Federal Reserve confirmed its plans to raise the interest rates by 25 basis points. Consequently, bitcoin slid once again and dropped by around $1,000.
Yet, this price retracement was short-lived, and the cryptocurrency went on the offensive again. It remained around and above $40,000 for the next few days.
Hours ago, though, bitcoin initiated another leg up by briefly exceeding $42,000 for the first time since March 10. As of now, the asset stands just under that level, and its market capitalization is close to $800 billion.
The alternative coins were also relatively calm in the past few days, but green now dominates the market. Ethereum is among the best performers from the larger-cap alts.
The second-largest crypto is up by 5% and stands well above $2,900. Roughly a week ago, ETH had dipped below $2,500.
Binance Coin, Ripple, Terra, Solana, Cardano, Polkadot, Dogecoin, Shiba Inu are also well in the green with increases of between 2% and 5%.
Avalanche is the most significant gainer from the larger-caps with a 9.5% surge. As a result, AVAX stands above $85.
More daily increases come from SNX (22%), Zcash (13%), Waves (12.5%), THORChain (11%), Fantom (10%), and others.
Ultimately, the crypto market cap has added around $80 billion in a day and is close to $1.9 trillion.
